Prudential launches second wave of measures against novel coronavirus by introducing first-in-market free ‘Unemployment Protection Benefits’

Demonstrating “We DO health” spirit in tackling challenges together with the people of Hong Kong

(26 February 2020 — Hong Kong) In view of the ongoing outbreak of the novel coronavirus and its impact on the economy, Prudential Hong Kong Limited (“Prudential”) has announced the launch of its first-in-market free ‘Unemployment Protection Benefits’ for customers. This is the second wave of measures and special protection benefits offered by Prudential in response to the epidemic, the first of which was rolled out in January 2020.

Customers with a valid HKID card, who are involuntary unemployed^[1] for over 30 consecutive days on or before 31 December 2020, will be eligible to defer their premium payment^[2] for up to 180 days for any Prudential medical or critical illness insurance plans, or designated Prudential General Insurance personal medical and critical illness policies^[3] that are in-force and valid on or before 26 February 2020. This benefit will provide customers with more flexibility in the planning and arrangement of their finances.

“We have been delivering on our promise of listening to and understanding the needs of customers, while demonstrating our ‘We DO” spirit in offering more comprehensive solutions to safeguard our customers. The outbreak of the virus not only increases the health risks of Hong Kong people, but also exposes them to other challenges,” said Derek Yung, Chief Executive Officer of Prudential.

“Prudential takes the lead in providing customers with special unemployment protection against the epidemic, following the launch of our first round of extra offers and measures. We aim to help customers allocate their resources more flexibly through our timely financial support. Prudential will be fighting alongside our community to battle challenges together,” Yung added.

In addition to this special unemployment protection benefit , Prudential has also introduced an array of extra measures and services against the novel coronavirus:

Hospital Cash Benefits
- Free additional hospital cash benefits of HK$600 per day for up to 45 days with no waiting period^[4].
Claims
- If the insured is hospitalised due to a confirmed diagnosis and makes a claim under a medical plan, the waiting period will be waived.
- Flexible arrangement for designated hospitals in the Mainland: In addition to the existing designated hospitals, claims applications from designated hospitals for treating patients of the coronavirus as announced by the government will also be accepted.
- Waive of claims submission deadline of 90 days.
- Simplified claims procedures.
- Claim Express specialist: Dedicated team will be assigned to handle the novel coronavirus-related claims, shortening the claims procedure to one working day.
- Dedicated hotline for customer enquiries: For any claims enquiries on the novel coronavirus, customers can contact the dedicated Hong Kong customer service hotline at 2281 1333.
Extension of premiums renewal
- Extension of renewal premium grace period from 30 days to 90 days^[5].

Furthermore, Prudential has recently launched a “non face-to-face submission” channel for its Qualifying Deferred Annuity Policy (“QDAP”) and Voluntary Health Insurance Scheme (“VHIS”) plans. This allows financial consultants to support customers applying for QDAP and VHIS products seamlessly and safely through telephone, myPrudential online platform or by mail. Financial consultants can provide remote support to customers throughout the application process. In addition to detailed product walkthroughs, level of premium payable, payment period and other terms, our financial consultants will also assist customers in completing their application forms, ensuring that they understand the coverage and make informed decisions, whilst enjoying personalised experience and convenience in applying for insurance plans

Note to editors:
“Involuntary Unemployment’ benefit coverage is subject to terms and conditions. Please visit Prudential official website for more details www.prudential.com.hk.

Footnotes:

[1] “Involuntarily Unemployed” refers to being terminated from employment and eligible to receive severance payment in accordance to the Hong Kong Employment Ordinance (Chapter 57).

[2] Deferring premium payment includes the premiums for the basic plans attached and the premiums of the supplementary benefits attached to respective policies.

[3] For any in-force Prudential medical or critical illness insurance plans, including basic plan and supplementary benefits, or designated Prudential general insurance personal medical and critical illness policies, which have been taken up on or before the coverage effective date, and with premium due dates falling within 25 February and 31 December 2020.

[4] From 23 January to 30 April 2020 (“date of diagnosis”), all insured persons of life insurance policies issued under Prudential Hong Kong Limited and all insured persons of medical policies and enrolled members of group medical policies issued under Prudential General Insurance Limited, including existing and new customers, will automatically receive the free additional Hospital Cash Benefits immediately without any waiting period, if being hospitalised due to a confirmed diagnosis of coronavirus.

[5] For designated life insurance policies (including most of the medical and critical illness policies) with premium due date falling between 1 January to 1 March 2020, customer can apply for extension of premium renewal to 90 days.

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About Prudential

Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits.

Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to de-risk their lives and deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York.

Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

Please visit www.prudential.com.hk for more information.